Eurazeo Paris Ord (EUZOF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thank you for joining this call. Christophe and I are pleased to welcome you to our 2025 full year results presentation. Our presentation will be in three parts. First, I will share with you key financial and non-financial highlights for 2025. Second, Christophe will focus on fundraising, client franchise development and asset rotation. Third and last, I will detail our financial results. We will then be available to take your questions. 2025 was another year of growth for Eurazeo. We continued to execute well on our strategic roadmap, in spite of a still complex environment. First, we delivered strong growth in asset management. We continued to gain market share, which reflects the relevance of our positioning and the strengths of our distribution capabilities. Fundraising reached 5.5 billion euros in 2025, up 28% compared to last year. AUM from third parties rose by a strong 15% year on year. We expanded our client franchise, adding 44 new institutional clients, whilst our AUM in wealth increased by 16%. Third-party management fees grew by 10% in the private market segment. And profitability continues to improve. FRA margin reached 36%, up 40 basis points year on year. And PREs are starting to deliver. PREs from third parties tripled to 11 million euros. Second, balance sheet realizations were up 44% at 1.5 billion euros. We reached a rotation rate of 20% that we had announced, which is much better than the market. Thanks to the dynamic pace of realizations, we were able to return to our shareholders an additional 600 million euros of capital whilst debt averaging. Third, We kept a prudent approach on valuations in an environment that was and still is overall volatile. As per our guidance, portfolio value was slightly down at minus 1.6% excluding fore...